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trillion in debt and trillion-dollar deficits every year, that's a chill on growth. tax policy has been complete uncertainty on his part, monetary policy you might argue that what chairman bernanke has done, you might argue that has helped growth at the margin or preserved jobs at margin at the risk of inflation. >> in a perfect world what do you think we could have been at? >> normalized i think a normal recovery, maybe if there's truth to what paul krugman talks about, maybe it's not 8% but it's 6%, 7%. you need 200 to 300,000 jobs a month to create the kind of jobs, 12 million jobs that mitt romney is talking about and that's, should be relatively easily doable. >> 2011 was slower than 2010 and 2012 will be slower than 2011, and we're starting at what just over 2%. i think it's horrible. i was trying with him but he just, i give up. there was five points he just gave me. he's right. you have to take the ball because i've thrown everything in a handout. he totally convinced me. i'm not even arguing. >> you were on the other side of this before. >> initially when i was trying to nail h
and deficits are under control. that's going to unleash a lot of that savings. and when we think about households. u.s. household wealth is really the greatest globally. i don't have the exact number, it's over $50 trillion. and again, if households feel there is going to be fiscal, you know, balance. this is a very different situation when you compare u.s. versus europe. because the health of the private sector. corporates in such great shape today. >> are you saying the market's going to go up no matter what? no matter who is elected? and does the fiscal cliff weigh in at any point? or is that something you assume you will find a solution to? >> well, the fiscal cliff, it's incredibly important for congress to avoid a fiscal cliff. i think it's just sort of a gamble no one wants to take. but we're really building a base case that the fiscal cliff is essentially blunted. we have about a third of it actually happening next year. and that 1.6% drag is pretty comparable to the fiscal drag we've seen from state, local, federal in 2011, 2012. >> all right. tom, thank you. we appreciate it.
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